HUD Properties for Sale

HUD Properties for Sale are offered through a number of management and marketing contractors assigned by the US Department of Housing and Urban Development for each state separately. An M&M contractor may have listings of single family and multifamily properties, such as townhomes, condos, apartments and nursing homes for one or more states depending upon their operation areas and the nature of contract. The website of the department contains a list of all these property management companies and also provides access to individual property listings of each state.

The expanding inventory of HUD-owned properties due to the rising phenomena of mortgage defaults and foreclosures on FHA insurance loans have made it necessary for the department to come into contract with several local asset management companies, marketing firms, real estate sales agents and brokers. This is because the department does not have enough resources to fulfill the management and preservation requirements of numerous REO properties lying far and wide in states like Florida, Indiana, Colorado, Texas, NC, California, Ohio, Illinois, CT, Georgia, Massachusetts, Michigan, Missouri, Maryland, NJ, Pennsylvania and Washington.

HUD Properties Listing

Home buyers or real estate investors should browse through the HUD properties listing of single family and multifamily homes provided by the M&M contractor of their state in order to find the property they may want to buy. The process of offering a bid for the property you have selected cannot be completed unless you have a registered real estate broker by your side. Most HUD-owned properties are offered for sale on a HUD-held mortgage but there are also properties that are available for sale to the public as well.

HUD specifies bidding dates for the auction of the foreclosed properties present on a listing. The homes are sold on a priority basis to owner occupants. If HUD finds the highest offer made by an owner occupant bidder acceptable, it accepts the offer, otherwise a new bid date is released for the real estate investors. The process of acquiring a HUD home must be in accordance with the regulations and guidelines issued by the department in this respect. Browse through this site to understand completely different aspects of buying a property offered by HUD.